Think You're Ready to Buy A House? Ask These 6 Questions First

Bangalore has witnessed tremendous
real estate developments. Bren Northern Lights by Bren properties is
strategically located to precision near Jakkur
Lake Off Airport road. The
project comprises of high-rise buildings so residents can enjoy scenic views of
pristine landscaped gardens scattered around the project. With impeccable
amenities and floor plans, Bren Northern Lights checks all boxes for a serene
living experience. Property investments are long-term in nature.

Residents who
are seeking investment opportunities should always be aware of the risks
involved while opting to buy a house. Aspects like location of the project,
amenities provided, connectivity, proximity to key locations and structural
specifications play a pivotal role in effective decision making. Jakkur Road
houses some of the prestigious schools, colleges and medical institutions so
residents can go about with their everyday activities with relative ease.

With
the Bangalore International Airport in close proximity, the overall land
appreciation rates increase at a phenomenal rate. Another important aspect
about residents flocking to Bangalore is the diverse range of employment offers
the city provides in the IT sector. Bren Northern Lights is close to potentialIT tech parks that houses close to 20% of Bangalore’s working population. This
is an added advantage for potential investors as they wouldn’t find it tough to
look for profitable tenants for long-term gains.

There are points that have to be
considered before resident’s plan on property investments. It is an
overwhelming experience when one decides to purchase a house as it carries its
own sentimental value. Let us now look at some of the crucial factors that help
in better decision making for effective house purchase scenarios.

Sufficient funds in the Bank

One has to realize that in order to
purchase a home for themselves, they have to make sure they allocate sufficient
funds in the bank. It is important that residents plan or devise a budget
before going and visiting realtors or projects for their residential
requirements. Residents should aim at residential spaces that are priced a
little lower than their proposed budget. This helps in effective allocation of
resources that are presented in the initial stages. Maintaining healthy savings
as essential as that would result in prioritizing crucial expenses in the
long-run. Residents or investors should allocate sufficient funds as a downpayment as well. It is often suggested that investors invest more money
initially as the down payment. This results in smaller payments on a monthly
basis. Saving surplus amount of funds in the bank also results in higher home
loans with affordable interest rates that are likely not to waver a lot.

Am I liable to other parties as far as debts
are concerned?

Residents should plan to clear their
debts as quick as possible. Owing a ton of money to other parties can result in
cancellation of home loans as there is no guarantee that residents may repay
the money back to the bank. Student loans and credit cared debts are often
minimal in nature. This shouldn’t bother banks. However, having excess debts
crossing well over 40-50% of your salary may concern financial institutions in
providing you home loans. To support such situations, Bren Northern Lights Bangalore has financial advisers at the site
and are tied up with reputed financial institutions so residents go through a
hassle-free process of booking units or availing home loans.

Steady employment records

Before applying for a home loan,
residents should keep in mind that a shift in jobs can turn risky. Financial
institutions other than monitoring savings maintained by residents are
concerned about where applicants work and their employment records. Starting a
new job right before applying a home loan can end up upsetting as banks don’t
consider that as viable customers. A stable corporate life is the way to go.

Hold on to things until your home loan is
approved

It is important that home loan
aspirants hold on till their home loans are approved. Starting a new job or a
change in address is completely fine. However, it is crucial that residents
hold on till their home loans are approved so there is no misconception in the
approval process. Amendments are much effortless and easier after the home
loans are approved even considering aspects of repayment procedures.

Post purchase savings

Another important aspect which is as
crucial as other factors is the post purchase savings. Residents or investors
should plan their savings in such a way that once they have purchased a home,
they are left out with surplus savings to take care of the house and turning
that into a dream space that they always aspired to have. Situations like these
are completely different when compared to scenarios when you live as a tenant.
The landlord in that case arranges periodic maintenance services. However, in
case of your dream home, residents should be able to forecast and devise
financial strategies for a comfortable future.

A healthy credit score results in owning a
healthy home

It is important to have a healthy
credit score to avail affordable home loans for a better future. Patience is
the key. It is always better to wait for your credit score to improve so you
avail effective interest rates and even lower monthly payment as far as the home
loans are concerned. Bren NorthernLights which is under construction project have considered these factors and have formulated strategies that
help residents to improve their credit scores for a sustainable future.